Nova, PFB terminate Nova’s Performance Styrenics business sale deal

5:47 AM, 17th November 2012

Randy Woelfel, CEO, Nova Chemicals.

CALGARY, CANADA: Nova Chemicals Corporation and PFB Corporation have agreed to terminate their letter of intent for PFB to acquire Nova Chemicals’ Performance Styrenics business. Nova Chemicals will retain and continue to operate its Performance Styrenics business, which includes its expandable polystyrene and ARCEL resin products.

It had become apparent to both Nova Chemicals and PFB that PFB would be unable to complete certain steps necessary to consummate its planned expansion of PFB’s vertically integrated, construction materials focused products offering in the US. As a result, both parties decided to terminate the letter of intent.

“We are disappointed that this transaction with PFB was not successful, but will move forward, focusing on performance and continuous improvement for the Performance Styrenics business,” said Randy Woelfel, CEO, Nova Chemicals.